The UK Government has recently launched a brand new model tenancy agreement for use in the private rental sector. The tenancy agreement model is designed for tenancies of two or more years and therefore includes provisions for rent reviews and the ability for either the tenant or landlord to end the tenancy during a fixed term, in the event that their circumstances change.
A demand for long-term tenancies
The Government has created the model tenancy agreement after recognising a growing demand for tenancies of a longer fixed period. The model agreement aims to offer greater security and certainty for tenants, allowing families with children in particular to plan for the future.
Longer tenancies are also beneficial for landlords as they offer them greater certainty of rental income and help to minimise the period of time when their properties are vacant.
Creating tenancy agreements with longer fixed periods prevents tenants from occurring expensive tenancy agreement renewal costs.
Online and print versions
The model tenancy agreement can be viewed and completed online or printed out and filled out manually. Either way, a signature is still required from both parties.
It must be noted that the use of the Government’s model tenancy agreement is completely optional. UK letting agents and private landlords can continue to use their own tenancy agreement templates if they wish to. However neither they nor their tenants will be charged for using the Government’s model agreement.
The model tenancy agreement can be downloaded from the .Gov website.